On March 17, the Treasury Department and the Internal Revenue Service (IRS) announced that the federal tax filing deadline was extended from April 15 to April 17. May 2021.
"This continues to be a difficult time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working with important tax administration responsibilities "IRS Commissioner Chuck Rettig said at the time.
There are still several weeks left to file the tax return, so there is plenty of time to verify the return and avoid some errors that could cause the IRS to audit the tax filing or delay the return and refund process .
The most common mistakes on your IRS tax return and what to avoid
Filing taxes electronically is a good way to avoid many of the most common mistakes, including misspellings , unsigned forms and miscalculated figures. However, when filing electronically, transcription errors can be made even more easily. Here is a list of mistakes to avoid in your tax return.
Illegible Tax Return
If the IRS cannot read the name, taxpayer identification number, or address, agents cannot process the return.
Do not make a copy of the signed statement
Keeping a copy of signed tax returns can be very helpful when applying for loans that require tax information. Also, having a copy of the statement is necessary in case of an audit or to amend a statement. The IRS can send a copy for $50.
Don't double-check routing and account numbers
Wrong routing and bank numbers can make it difficult or delayed for the IRS to issue a refund via direct deposit.
Not including all necessary information on checks or money orders
If taxpayers owe money to the IRS and will be paying by check or money order, the check or money order must be addressed to the Treasury Department and include the following information: name, address, social security number, telephone number, tax form and the tax year of the payment.
Send with Improper Postage
Proper postage on the envelope is required to send taxes. Otherwise, the postal service will return it.
Sending the return to the wrong IRS office
This is a common mistake, as there are different IRS office addresses for specific tax document types and regions.
Arranging tax documents in the wrong order
This can result in a delayed refund.
Do not attach 1099-R forms or do not include all W-2 forms
1099-R forms are used to claim retirement plans, pensions, and retained annuities and to report funds withdrawn from an individual retirement account (IRA). Some of these funds may be treated as income, so failure to report these payments and withdrawals may result in an audit.
Do not sign and date the return
Unsigned and undated returns cannot be accepted and will be returned for signature.
Using the wrong column on the tax tables form or putting income on the wrong lines
If you are calculating your own taxes, you may need to refer to the '1040 Tax Tables' document to make the calculations. calculations. However, if you're not looking in the column that belongs to you, you could easily miscalculate.
Not claiming the correct deduction if you are over 65 or blind
Those who are blind or over 65 are entitled to specific deductions, but taxpayers should use a table found at forms 1040 or 1040A to determine the correct deduction.
Do not include negative amounts in parentheses
If negative numbers are not entered in parentheses, the IRS may treat them as positive numbers and apply additional taxes.
Miscalculating Deductions and Credits
Miscalculations could result in overpayment of taxes.
Failing to correctly list all dependents or correctly reporting spousal and dependency exemptions
Taxpayers must include all names and taxpayer identification numbers for each person listed as a dependent on the return .
Choosing the Incorrect Filing Status
The five filing statuses are: Single, Married Filing Jointly, Married Filing Separately, Head of Household and a qualifying widow(er) with a dependent child or children.